BENEFITS AND SCHEMES THE FINANCIAL SECTOR OFFERS FOR WOMEN

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  • Being in charge of your money is a significant step in ensuring an independent existence. The financial sector offers certain benefits and schemes that can help you take that step towards becoming independent. We map out the benefits on offer for women. Here are some of them.

SUKANYA SAMRIDDHI

  • Sukanya Samriddhi Yojana (SSY) is a special government savings scheme meant for girl children. Only parents of a girl below the age of 10 can invest in it. Currently, SSY pays an interest rate of 8.5%, which is higher than the rates on most fixed deposits and comparable government schemes. Deposits can be made on a monthly or yearly basis for 15 years from the date of opening the account. You can withdraw only after the child turns 18 years, subject to certain conditions. You can contribute a minimum of ₹250 and maximum of ₹1.5 lakh. The entire contribution is eligible for tax deduction under Section 80C and the interest paid is tax-free.

STAMP DUTY

  • Several states impose lower stamp duty if the property is registered in the name of a woman. The difference is as much as 2% in Delhi, Punjab and Haryana.

LOWER LOAN RATES

  • Some banks offer special rates to women home loan borrowers. Interest rates for women are, typically, 5 basis points lower than for other borrowers. Some banks also offer a concession on loan processing charges. Some believe that’s making a difference. “In home ownership, which has been a male bastion, women are making a mark. Our data shows the average home loan ticket size for women is ₹27.57 lakh, 20% higher than the average ticket size for men at ₹22.97 lakh.

INSURANCE

  • Women, typically, have to pay lower life insurance premiums than men because of their longer lifespans. We understand that women live longer than men and, hence, our term plans offer a discount for women lives as compared to their male counterparts. We also provide such discounts on our unit-linked insurance plans. The discount translates into lower premiums for women compared to men. There is a setback of 3 years on female lives as the mortality rate is lower for women. A 35-year-old woman buying a life insurance policy will have to pay the same premium as a 32-year-old man does.
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